Poland’s balance of payments in June 2024

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NBP data: In June 2024, the current account of the balance of payments posted a surplus on the service account (PLN 15.2bn), and deficits on the trade in goods account (PLN 0.8bn) the primary income account (PLN 8.9bn) and the secondary income account (PLN 3.0bn).

Preliminary data on Poland’s balance of payments in June 2024, released on 13 August 2024, show a surplus of PLN 2.5bn on the country’s current account. Compared to the corresponding month of 2023, the balance declined by PLN 15.7bn.

June 2024 saw a continued downward trend in goods trade. The value of goods exports in the discussed month amounted to PLN 117.0bn, representing a fall of 9.1% on the corresponding month of 2023. The value of goods imports compared to June 2023 declined by 3.5% and amounted to PLN 117.8bn.

Compared to the corresponding month of 2023, in June 2024 exports fell in all the six main categories of goods. Exports of means of transport decreased the most again on the back of deep declines in the automotive industry. The products the exports of which declined the most included electric batteries, car parts, passenger cars and road tractors. The category of investment goods also posted a significant decline. In contrast, the scale of the fall in intermediate goods exports was smaller compared to previous months.

The fall in imports in the analysed period was below the average of the first five months of 2024. There was a small rise in the imports of consumer goods, and in most of the other categories the decline was smaller than in previous months. This points to a gradual stabilisation of prices in global markets and of demand for goods originating abroad. As in previous months, there was a robust rise in imports of passenger cars. The increase in car imports was accompanied by changes in the geographical structure of their suppliers.

Exports of services stood at PLN 37.1bn, down by PLN 2.4 billion (or 6.2%) on the corresponding month of 2023. Imports stood at PLN 21.9bn, having decreased by PLN 0.4bn (or 1.6%) on June 2023.

The magnitude of the deficit on the primary income account was largely determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 10.9 billion. The balance on primary income was also influenced by payments of income due to portfolio investment (PLN 1.7 billion) and other investment (PLN 2.4 billion).